Closes $50 Million Term Loan Facility
As previously disclosed Rob McEwen, Chairman and Chief Owner of the Company, is participating as a Lender for $25 million of the total $50 million Term Loan.
The Term Loan will be used to complete construction of the Gold Bar Mine in Nevada and for general corporate purposes. Construction of Gold Bar is advancing on schedule for completion by the end of 2018, targeting commercial production in the first quarter of 2019.
The principal amount of the Term Loan will bear monthly interest at 9.75% per annum. Repayment occurs in twelve equal monthly installments of $2 million during the third year, with the remaining balance due on maturity. The Term Loan can be retired in full or in part anytime during the first two years upon payment of the principal and accrued interest plus a fee linked to the remaining life of the Term Loan, and during the third year upon payment of the remaining principal and accrued interest plus a fee equal to 3% of the remaining principal.
About McEwen Mining Inc
McEwen Mining (NYSE:MUX) (TSE:MUX) has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.
McEwen has approximately 345 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns roughly 23% of the shares.
McEwen Mining Inc